double-skinned crabs double-skinned crabs double-skinned crabs double-skinned crabs double-skinned crabs double-skinned crabs double-skinned crabs double-skinned crabs double-skinned crabs double-skinned crabs double-skinned crabs double-skinned crabs vietnamese seafood double-skinned crabs mud crab exporter double-skinned crabs double-skinned crabs seamorny seamorny seamorny seamorny

Breaking News

Russia launched intercontinental ballistic missile during attack on Ukraine, Kyiv says
Business

Judge: Butler to serve 5 years

By
Kaja Whitehouse
Published Jan. 23, 2010, 5:00 a.m. ET

Government prosecutors finally scored their first lockup tied to the financial meltdown yesterday.

Eric Butler, an ex-Credit Suisse broker, was sentenced to five years in prison and fined $5 million for duping investors into buying bonds backed by junk mortgages.

The 38-year-old was convicted of securities fraud and conspiracy to commit securities fraud after a three-week jury trial back in August. Prosecutors had asked that Butler get 15 years behind bars.

His partner in crime, Julian Tzolov — who tried to evade prosecution by fleeing to Spain last summer — pleaded guilty after being arrested and extradited back to the US. He still awaits sentencing.

The duo were charged with running a $1 billion bait-and-switch scheme, promising investors securities backed by safe student loans and instead using their money to buy junk mortgages, which paid higher commissions.

Their scam unraveled as the $330 billion auction rate securities market ground to a halt during the early stages of the financial crisis.

US District Judge Jack B. Weinstein also ordered Butler to serve three years of supervised release and forfeit $250,000.